FarmStart Program Approves 200th Investment to Support Beginning Farmers

Tom Deacon, owner of Fable: From Farm to Table, with FarmStart advisor Ashley Moore. (Posted by kristie.schmitt, Community Contributor)

Community Contributor kristie.schmitt

Farm Credit's FarmStart program recently announced the approval of its 200th investment in a new farmer's business. Since the first investment approved in August 2006, FarmStart has invested more than $8.5 million with 200 participants throughout New York, New Jersey and New England.

The program's 200th investment was to Fable: From Farm to Table in Ossining, N.Y. Owner Tom Deacon makes efficient use of his 16 rented acres through vertical farming and hydroponics, operating year-round in a hydroponic greenhouse. The farm serves local restaurants, farmers' markets and a local hospital, as well as offering CSA shares for vegetables and eggs. With two years' experience and a growing consumer demand for fresh, local produce, Tom was ready to expand Fable's reach and broaden production.

"I wouldn't be able to do what I'm doing without the help of FarmStart," said Tom. "Agriculture investments weren't even an option with other banks. FarmStart's capital will enable me to expand the farm - purchase beehives for honey, double the size of my chicken coop, add irrigation and grow my staff, so that we can hit the ground running at the start of the 2017 season."

"The future of Northeast agriculture, commercial fishing and forest products industries is dependent on new entrants, such as Fable, which is why we initiated this innovative program ten years ago to meet the demands for capital and financial management skills that can make it difficult for young folks to get started in agriculture." said Bill Lipinski, Farm Credit East CEO.

"FarmStart has grown significantly over the past year, which speaks volumes to the strength and future of northeast agriculture, and the interest of young folks to get involved," said Lynn Weaver, FarmStart program manager. "These new producers are bringing fresh ideas and energy to the industry and I'm excited for what's ahead."

FarmStart, LLP was initiated by Farm Credit East and CoBank as part of Farm Credit's long-term commitment to support a vibrant, entrepreneurial northeast agricultural community. Yankee Farm Credit joined the program in 2011. The program invests working capital of up to $75,000 to help beginning northeast farm businesses and cooperatives become operational. Each FarmStart participant completes a business plan and monthly cash flow, which serves as a roadmap for their startup business. A FarmStart advisor works with each participant to help the new business stay on track toward achieving their business objectives.